We always get asked "what is a TVAS and when is it required"? -
A Transfer Value Analysis (TVAS) is required on all transfers of safeguarded benefits (except GARs) to flexible benefits, including transfers from DB to Occupational DC schemes as well as transfers from DB to personal pension and stakeholder schemes. TVAS is also required for pension conversions, including income payments.
When is a TVAS not required -
TVAS is not required on transfers from DC schemes without safeguarded benefits or on switches between personal pensions without safeguards. TVAS is also not required where immediate benefit crystallization has occurred at the DB schemes normal retirement age, but is required if benefit crystallization happens before NRD.
For more information - https://www.handbook.fca.org.uk/handbook/COBS/19/1.htm
Or contact our pension transfer specialists at email@example.com